Jefferies cuts Adobe to hold from buy Market PulseJune 14, 2012|Regina Hing
NEW YORK (MarketWatch) - Jefferies on Thursday downgraded Adobe Systems Inc. (US:adbe) to hold from buy, and revised its price target to $32 from $38. In its note, the research firm cited concern over Adobe's ability to grow its customer base evenly - outside of promotional pricing - on Creative Cloud, the software maker's all-in-one platform for file sharing and publishing. "We think the percentage of base customers that plan to upgrade is consistent with prior cycles, but we have some incremental concerns on revenue estimates," Jefferies said. Adobe shares were down 1.7% to $31.25 during preopen trading.